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Enterprises can now enhance existing SCF programs without service disruption while expanding access to suppliers.
Kansas City, USA (January 30, 2024) — Today, C2FO, the world’s on-demand working capital platform, announced the launch of C2FO SCF Propel. This first-of-its-kind tailored service allows large enterprises to evolve their existing supply chain finance (SCF) programs while eliminating the administrative burden typically incurred when launching similar programs. SCF Propel enables enterprises to safely combine one or more legacy SCF solutions with C2FO’s market-leading technology and funder network in under six weeks.
Most global enterprises have had one or more SCF programs in place for years, sometimes decades. Because updating and modifying these legacy programs is so complex and time intensive, around 80% of the SCF programs C2FO works with have been with their original provider since launching their programs, meaning most are running on outdated technology with a single funder, or they are juggling multiple programs with different capabilities, reporting and supplier experiences. Until now, there has been no solution available that is focused exclusively on removing the pain of upgrading an existing SCF solution.
SCF Propel simultaneously benefits multiple partners. It enables more suppliers to utilize SCF solutions. Large and small suppliers can now have competitive access to working capital, meaning no minimum spend requirement for suppliers and zero disruption for existing participants. Enterprises not only gain access to C2FO’s extensive network of global funders but also can effortlessly deploy their cash, driving EBITDA benefit and managing other key business health indicators. They can get more value, support more suppliers and reduce the complexity of multiple bank platforms. Banks also benefit from a strong relationship with their customers, gain access to larger funding opportunities, and eliminate the administrative burden and challenges with payment reconciliation.
C2FO has already implemented its latest solution to enhance some of the world’s largest SCF programs. By integrating SCF Propel, thousands of additional suppliers now have access to low-cost, convenient working capital. They are experiencing an immediate impact with SCF Propel. Enterprise clients using SCF Propel saw their available credit double while reducing supplier onboarding time from several weeks to a matter of minutes.
“We are committed to enhancing our supplier partnerships and fostering the growth of our global supplier network,” said a senior executive at a global French retailer with over $25 billion in revenue. “C2FO has been fundamental in supporting and making these goals a reality.”
“We are proud to bring proven value to our enterprise clients and bank partners while supporting and strengthening the entire supply chain,” said C2FO’s founder and CEO Alexander “Sandy” Kemper. “With the cost of capital at recent record levels, our SCF Propel solution can reduce costs for both large and small suppliers so that they can gain competitive access to more working capital to grow their business.”
Enterprises can now safely and securely upgrade outdated SCF solutions. To learn how SCF Propel can simplify reporting, streamline operations or reduce the risk of having a single funding source, visit c2fo.com.
C2FO is the world’s on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to businesses worldwide. Using patented Name Your Rate® technology and a suite of working capital solutions, companies can get paid sooner by the world’s largest enterprises and banks — unlocking billions in risk-free capital. With a mission of ensuring that every business has the capital needed to thrive, C2FO has delivered more than $300 billion in funding around the world. Founded in 2008 and headquartered in Kansas City, USA, with offices around the globe, C2FO is working to build a better, more inclusive financial system every day. To learn more, visit c2fo.com.
Carrie Bratcher[email protected]
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